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Loren, Attorney
Category: Business Law
Satisfied Customers: 33014
Experience:  30 years experience representing clients .
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I was given a oral agreement by an branch bank Vice-President

Customer Question

I was given a oral agreement by an branch bank Vice-President that my loan would be approval. Later my loan was denied. What recourse in regards ***** ***** Vice-President do I have?
Submitted: 2 years ago.
Category: Business Law
Expert:  Loren replied 2 years ago.
I am Loren, a licensed attorney, and I look forward to assisting you.
Expert:  Loren replied 2 years ago.
Unfortunately, this is more of a customer service issue than a legal one. An oral promise by a bank to make a loan is not enforceable. Only a written commitment to make the loan would be effective to create a legal obligation to make the loan.
Expert:  Loren replied 2 years ago.
I realize this is probably not the answer you were hoping to receive. Also, please remember that this is not necessarily a moral judgement on my part. As a professional, however, I am sometimes placed in the position of having to deliver news which is not favorable to a customer's legal position, but accurately reflects their position under the law. I hate it, but it happens and I only ask that you not penalize me with a bad or poor rating for having to deliver less than favorable news.